NZD/USD keeps the positive outlook unchanged – UOB

NZD/USD remains poised to extend the upside in the next weeks, commented UOB Group’s FX Strategists.

Key Quotes

24-hour view: “NZD rocketed to 0.7317 yesterday before easing off. The rapid rise appears to be overdone and NZD is unlikely to strengthen further. For today, NZD is more likely to consolidate and trade between 0.7245 and 0.7310.”

Next 1-3 weeks: “After trading mostly sideways for more than a week, NZD lifted off yesterday and rocketed to a high of 0.7317. The sharp rally appears to be overdone but further NZD strength is not ruled out. That said, barring further surge in momentum, the major resistance at 0.7350 is likely out of reach. On the downside, a breach of 0.7205 would indicate that the current upward pressure has eased.”